How we define a monopoly? What are the characteristics of a monopoly? List some barrier to entry and exit? Draw a graph showing positive economic profit for a monopoly. Indicate clearly the price the monopolist will charge, the quantity it will produce at and the profit. Can a monopoly make a loss? How is the graph different from the one drawn above? What is price discrimination and what are the various types of Price discrimination? What must exist for a firm to engage in price discrimination? How does the monopolist outcome different from perfect competition? What are the characteristics of a monopolistic competitive industry? What is a unique characteristic of monopolistic firms? Draw a graph showing positive economic profit for a monopolistic competitive firm. Indicate clearly the price the firm will charge, the quantity it will produce at and the profit. What happens in the long run? What are the characteristics of an Oligopoly industry? What is a unique characteristic of the oligopoly firms? What is a cartel? What are the 2 types of collusion? Which one is legal and which is illegal? What does the kink demand curve demonstrate